Paris, 17 February 2023 – The private equity market slowed significantly in 2022, buffeted by a sharp correction in equity markets, high inflation and rising interest rates. Multiples have declined after reaching very high levels (in particular in the Tech sector), and fund managers are waiting for valuations to return to more reasonable levels so they can seize investment opportunities.
In this context, Altamir's activity held up well, after reaching a record high in 2021. By subscribing to the Altaroc Global funds, Altamir gained access, as anticipated in its diversification strategy, to two co-investment opportunities alongside a new fund manager and European leader specialised in the software sector: Hg Capital.
After consultation with the Supervisory Board, Altamir Gérance set out its allocation strategy for the 2023-26 period. Specifically, it decided to invest €1 billion over the period, including €500 million in the European Union, €300 million outside the EU and €200 million as co-investments. In this regard, Altamir Gérance has already allocated €254m to the Apax XI LP fund, which is currently being raised.
1. €184.5m invested and committed during the year (vs €368.8m in 2021), including €129.4m in 9 new companies
€129.4m invested in 9 new companies, including 2 as co-investments alongside fund manager Hg Capital, with which Altamir has also invested via Altaroc Global 2022.
Via the Apax MidMarket X fund:
Via Apax X LP:
As co-investments alongside Hg Capital:
These 9 new investments operate principally in software and technology solutions (Vitaprotech, IFS, Access and EcoOnline) and in digital marketplaces (Pickles Auctions). 5 are European, 3 are US-based and 1 is in Australia.
In addition, the initial estimates on the new investments in Odin and T-Mobile were adjusted downwards by €5.4m.
€20.3m was invested via funds:
€40.3m was invested in follow-ons in various portfolio companies (including €10.5m held as co-investments), mainly:
2. €123.9m in divestment proceeds were received during the year (vs €636.0m in 2021), including €36.1m related to 5 full divestments
In the fourth quarter, Apax Partners announced the sale of Kepro to CNSI (sale proceeds: €8.0m). This divestment came in addition to the 4 full divestments announced at end-September:
During the year, Altamir also received proceeds from partial divestments totalling €82.3m, including:
Lastly, an adjustment of €5.5m was recognised to reflect the definitive amounts received from the sale of Unilabs and Marlink.
3. Portfolio as of 31 December 2022
As of 31 December 2022, Altamir's portfolio included 69 companies, with the following breakdown:
Forthcoming events:
NAV as of 31/12/2022 | 8 March 2023, pre-trading |
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About Altamir
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with a NAV of ca. €1.3bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir's investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (Tech & Telco, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and large companies in Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as a SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Contact
Claire Peyssard Moses
Tel.: +33 6 34 32 38 97 /E-mail: investors@altamir.fr
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Full and original press release in PDF: https://www.actusnews.com/news/78647-activity-2022_en.pdf